According to Future Market Insights (FMI), over the forecast period from 2021 to 2031, the global cargo bike tire market is projected to grow at a CAGR of 12.2%.
Key factors driving the cargo bike tire market are higher life-span offered by cargo bikes, rise in the number of miles being ridden by cargo bikes each year, increasing concern towards safety and maintenance, and technological advancements to offer better grip and performance of tires.
As city streets keep clogging up at a rapid speed, cargo bicycles have emerged as one of the most productive and advantageous methods of transportation for cargo firms. Driven by this the sales of cargo bikes will pick up pace globally and this trend will continue through the course of the forecast period.
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Steered by implementation of stringent emission control norms, the market players are focusing in on the production of electric cargo bike. Various players working in the cargo bike tire industry are expected to expand their product portfolio in the forthcoming years.
- By product type, tubeless tire are anticipated to account for sales of more than 60% in the global market.
- Three wheeled cargo bikes held a market share of about 45% in terms of cargo bike type in the market.
- By region, Europe is projected to hold more than 65% of the global market.
- Tubeless tire is projected to be the fastest growing segment in terms of product type, exhibiting a CAGR of 12.7%
- The 26 inches tires segment is projected to account for 38% of the market based on tire size.
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- Below 20”
Cargo Bike Type
- Four Wheeled
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Cargo Bike Tire Market Competitive Landscape
The market has been described as slightly fragmented globally. Some of the leading market participants include Cheng Shin Rubber Ind., Goodyear Tire & Rubber Company, Ralf Bohle GmbH (Schwalbe), Trek Bicycle Corp., Hutchinson, Zhongce Rubber Group Company Limited, Michelin Group, Trelleborg Group, Continental AG, Kenda Tires, PT. Inustri Karet Deli, WTB, Vittoria S.p.A., Ralson Tyres, Metro Tyres, Mitas, Panaracer Corporation, HWA Fong Rubber Co., Ltd. (Duro Tires) and others.
Advanced Driver Assistance System (ADAS) Testing Equipment Market : As per a recent market survey by ESOMAR-certified consulting firm Future Market Insights (FMI), the global ADAS testing equipment market reached US$ 222,486 Thousand in 2021.
Electric Bike Market : FMI delivers key insights on the global electric bike market in its latest report titled “Electric Bike Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027.” The long-term outlook on the global electric bike market remains positive with the market value expected to increase at a CAGR of 3.1% during the forecast period (2017-2027).
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Mr. Debashish Roy
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